Binomo Withdrawal (Common Problems and Solutions)
After earning profits, traders can withdraw their money from Binomo without much effort. The trading platform has made this possible by offering different methods to consumers that want to withdraw their initial investments or present profits.
Although the process to withdraw funds may sound the same while comparing Binomo to other broker companies, there are crucial differences. These include minor factors like the withdrawal limit or the time duration for the money to show up in your bank account.
Binomo distinguishes itself from other trading brokers with its secure and convenient withdrawal process. Therefore, it has earned the reputation of being an ideal broker for beginners and seasoned traders alike. Now, let's dive deep into the Binomo withdrawal process and everything related to it traders should be aware of.
We have done a complete review on Binomo to make sure that all the process executing in Binomo is Safe and Genuine. Check out the article here, Binomo Review – Is it a Scam? [South Africa, 2022]
Methods of Withdrawing Your Money on Binomo
Binomo provides traders with multiple convenient methods to withdraw their funds. In other words, users can choose from a wide range of options as per their withdrawal preference.
Also, traders have the freedom to pick a trading option that's popular in their region, as Binomo offers its services worldwide. Let's check out the various methods of withdrawal below:
1. Credit and Debit Card
The most common and easiest way to withdraw funds from Binomo is through a debit or credit card. Traders can apply for a withdrawal request from bank cards such as Visa, Mastercard, and Maestro.
It's completely safe to withdraw money using a debit or credit card. Binomo features a merchant-level payment card and data security standard.
2. Wire Transfer
Wire transfer is an alternate method to withdraw money from Binomo. It facilitates money transfer electronically across a network of banks or transfer agencies across the globe. However, users don't prefer to use this option as it has a long waiting time.
E-wallets have become an increasingly popular option among users over the past few years. They bring the functionality of a card to your fingertips and have been a go-to option for micro-transactions. Apart from paying bills and transferring money to other vendors, users can also receive money in their e-wallet.
In other words, traders can use an e-wallet supported by Binomo to request a withdrawal from your account. Additionally, users won't face any issues while receiving money from popular digital wallets, as transactions from the wallet are managed by a third-party provider.
For example, e-wallets like Skrill, and WebMoney seamlessly work while receiving funds from Binomo.
Binomo Withdrawal Steps
The process of withdrawing money from Binomo is secure and straightforward. While there are multiple options to get money from Binomo, the steps to initiate a withdrawal request are the same.
Users of the trading platform can follow these steps to request a withdrawal from their Binomo account:
After the confirmation, Binomo will take some time to process the request and transfer the money. Users can check the withdrawal status in the transaction history tab at the cashier section.
How Long Does It Take to Get the Withdrawal Amount on Binomo?
Typically, traders have to wait for one to three business days for Binomo to credit funds to their chosen account. In rare cases, it may take up to seven business days due to national holidays, bank policy, etc.
However, users can upgrade their account status for Binomo to reduce the withdrawal time:
- For standard status traders, it might take up to 3 days.
- For gold status traders, it'll take up to 24 hours.
- For VIP status traders, it should take up to 4 hours.
Binomo Withdrawal Processing Stages
When you send a withdrawal request, it'll go through three stages:
Immediately after sending a withdrawal request, it gets assigned with an approving or pending status. Binomo tries to approve all withdrawal requests as soon as possible, but the transaction duration may vary from an hour to a couple of days.
After Binomo approves the transaction, they'll transfer the request to the payment provider for further processing. Meanwhile, the transaction status will appear as 'processing' or 'approved' on the website.
The processing period varies depending on the payment provider. But, you can check the average and maximum transaction processing time by clicking on deposit in the transaction history status.
Binomo will send the requested amount to your bank account after the payment service provider approves the transaction. After that, the transaction status will appear as completed on the website, and the money will appear on the bank account.
Suppose you see a failed status while attempting to withdraw funds. In that case, there was an issue during the transaction process with the payment provider's side. There are two common reasons for this problem.
First, you might have entered incorrect payment details. Therefore, make sure to double-check the information you've entered during the payment. The other reason could be technical difficulties on the payment provider's side during the transaction.
In some cases, Binomo provides an error description to specify the reason for the failed withdrawal. You can find it in the transaction history tab on the cashier or balance section. But, payment providers don't always indicate the reason for the unsuccessful transaction.
Is Binomo Paying Their Traders?
Yes, Binomo is a legitimate platform, and users can withdraw their money by following straightforward steps. Users have given positive reviews and have received their rightful earnings from the broker. For instance, VerifyMyTrade has acknowledged the trading platform by awarding them certificates for quality trades and withdrawal processes.
In addition, Binomo is a category 'A' member of the International Financial Commission, showing their commitment towards helping customers and solidifying themselves as a reliable trading platform.
Binomo Withdrawal Limitations (Minimum and Maximum)
The trading platform has placed certain limitations for withdrawal for security purposes and a reduction in requests. As a result, the trading platform has a minimum limit of $10 or equivalent to make a withdrawal request.
Additionally, the withdrawal amount cannot exceed the deposit made for ninety days. On top of that, users can request up to $3000 per day, $10,000 per week, and $40,000 per month. Also, be sure to verify your account with Binomo and your e-service provider to avoid any issues during the withdrawal process.
Withdrawal Fees on Binomo
Binomo doesn't charge any fees for withdrawing money from the account. In some cases, payment providers may apply a commission for conversion if the Binomo account and payment method are in different currencies. But, the trading platform will pay the commission on your behalf and automatically return the money to your account.
However, Binomo might add a 10% commission if you made a deposit and withdrew the money without trading. The fee is applied in rare cases to comply with the company's anti-fraud policy.
Verification Before Withdrawals On Binomo
While confirming your phone number and email verification is enough to deposit and trade in Binomo, but users may have to go through additional verification procedures to gain the ability to withdraw money from the account. It includes verifying your identity and payment method.
Users can upload their ID proof by going to the verification page on the account's profile page. Also, you can confirm the email and phone number from this page if you haven't completed it.
Binomo requests the user's ID to prevent any fraudulent activities on the platform. The trading platform will accept a picture of any legal identity documents like a passport or driver's license. It should have your full name, date of birth, photo, document expiry date, phone number, and signature.
Moreover, make sure the image is visible, with no signs of cropping, editing, watermarks, or drawings. Following these instructions and having these documents will help you get past the verification process without any trouble.
Bank Card Verification
The last step to complete the verification process is to prove the ownership of the bank card used for transactions on Binomo. If you have a real account, make sure to pick the card you've used to deposit money in the account. Also, the bank card must be issued in your name.
Traders should take pictures of their cards from both sides and send them for verification. Additionally, to avoid security issues, you should cover sensitive data like the CVV code and six digits of the card number before uploading the scan to the trading platform.
Binomo Withdrawal Cancel Request
Unfortunately, there isn't any straightforward way to cancel a trading request in the Binomo application. Instead, you can contact the support team, and they can cancel the transaction on your behalf. Another solution is to contact your bank or e-wallet service and ask them to cancel the transaction.
Binomo Common Problems
Binomo strives to offer users convenient ways of withdrawing funds from their accounts. Though the process of withdrawing funds is straightforward, there are rare cases where traders might face a problem.
You can solve most issues regarding withdrawing funds by checking if the information has been entered correctly. Here are some common problems users face and tips to fix them quickly:
- If you are facing any issues trying to withdraw money from your mobile device, switch to the computer to complete the process, and you shouldn't have any problem.
- Binomo may decline the withdrawal request if users enter the wrong bank details during the transaction process.
- The bank may decline certain withdrawals because of restrictions on international payments. Another reason could be the policy of not accepting refunds. We advise traders to contact their bank and check for this information.
Users can resolve this issue by simply checking their bank account. Also, only count the working days since the trading platform doesn't process any transactions over weekends or holidays.
Other than that, remember to verify your account and upload all the necessary documents. Moreover, ensure you have entered the correct bank account details and e-wallet address. Also, check if you have to pay the withdrawal fee after adding the withdrawal amount.
If you've done everything and the problem persists, get in touch with the ever-ready Binomo support team, and they can help you out through live chat, email, or phone.
In case the currency of the payment method is different from the Binomo account during withdrawal, the trading platform will automatically convert the funds and send the money to you. The conversion exchange rate depends on the market's current rate.
Unfortunately, after choosing the currency while making their account, users can't change it again. Therefore, make sure to pick your preferred currency while creating a Binomo account.
Binomo usually provides the reasons for rejection on the verification page. But, if you're still unsure whether the documents are valid, re-check the requirements stated on the verification page of the Binomo website.
Regardless, the most common rejection reasons are as follows:
- The document you submitted is expired.
- The document was blurry or had watermarks on it.
- You submitted the wrong documents.
- The document information didn't match your Binomo account.
Binomo's withdrawal process is as straightforward as earning money on their platform. The broker has ensured that users don't face any inconvenience while withdrawing their money by offering multiple methods and solutions. While each of them has its pros and cons, users must select the best option as per their preference.
Furthermore, there aren't any hidden fees while taking back your profits. Also, Binomo processes withdrawal requests within a few days or even hours, depending on your account type.
What are you waiting for? Join Binomo and start earning profits today!